If one of John Saxe's blind men of Indostan were to prate about a real estate investment trust (REIT) with knowledge only of state securities regulations thereof, his commentary would be no more accurate or revealing than his descriptions of the elephant. For almost a decade, state blue sky regulation has presented the primary legal obstacle to the organization of real estate investment trusts. This article will consider the nature and problems of such regulation.
David G. Epstein, State Securities Regulation of Real Estate Investment Trusts, 23 U. Fla. L. Rev. 514 (1971).